Benefit Administrators

By partnering with employee benefit administrators and Professional Employment Organizations (PEOs), Consort will be strategically positioned at both open enrollment and traditional enrollment. Because most PEOs serve as the plan sponsors for the MEPs and PEPs they offer, these organizations are highly motivated to adopt tools that grow plan assets, to decrease costs to employees. Being a step of traditional enrollment will have a significant impact on the rate an account is abandoned and raising awareness about consolidation during open enrollment will have an impact on the 30+ million accounts that have already been abandoned.

Providers

The rising number of abandoned 401(k) accounts has triggered a growing trend: participants are rolling their retirement savings out of the Defined Contribution (DC) market and into IRAs. This shift poses a significant threat to the long-term health of the DC market. Consort offers a proactive solution — encouraging participants to keep their assets within the DC market by consolidating old accounts into the one they actively contribute to. Furthermore, Consort builds the infrastructure for seamless asset transfers between Providers — without requiring those Providers to technologically adapt.

Advisors

Financial advisors and advisory firms seek innovative ways to grow their book of business. By including Consort into a plan’s design, advisors can accelerate asset growth by making it easy for participants to roll over old retirement accounts. This streamlined process not only enhances the participant experience but also drives significant increases in plan assets under management.